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The US–Iran War Is Hitting Your Wallet: What Every Canadian Needs to Know Right Now

  A conflict thousands of kilometres away has quietly become one of the biggest threats to your household budget in 2026. The war between the United States, Israel, and Iran — now stretching into its third month — is reshaping global energy markets, and Canadians are paying the price at the pump, the grocery store, and everywhere in between. $2.03 Gas/litre in parts of Canada +51¢ Average gas rise since Feb. 28 +30% Canada gas price rise Mar–Apr 20% World oil supply disrupted How We Got Here: The Strait of Hormuz Is Closed On February 28, 2026, the United States and Israel launched coordinated airstrikes against Iran in what was dubbed Operation Epic Fury , targeting military facilities, nuclear sites, and key Iranian leadership — resulting in the death of Supreme Leader Ali Khamenei. Iran's response was swift and punishing: missile barrages on Israeli cities, US military bases across the Gulf, and the formal closure of the Strait of Hormuz to international shipping. The Strait of ...
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New Tax Measures in 2024


The Canadian government has introduced new tax measures that will affect Canadians in 2024. These measures include the elimination of some short-term rental deductions, new alternative minimum tax rates, and changes to Canada Pension Plan (CPP) contributions. The elimination of some short-term rental deductions was announced in the Fall Economic Statement (FES) and kicks in on Jan. 1. The federal government is now eliminating that tax break, denying operators of short-term rentals any income tax deductions for expenses if they operate in provinces or municipalities that have banned short-term rentals. In provinces that still allow short-term rentals, operators that are not compliant with local regulations and laws will also be denied the deduction.

The GST/HST exemptions will also be affected. The federal government announced it was taking the GST/HST off “professional services rendered by psychotherapists and counselling therapists.”

These changes are not expected to have a significant impact on most individuals, unless they’re high-income earners.

    

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